US budget deficit jumps to an all-time high of $1.7 trillion this year

The US government’s budget deficit surged to an all-time high of USD 1.7 trillion for the first six months of this budget year, nearly double the previous record, as another round of economic-support checks added billions of dollars to spending last month.   In its monthly budget report, the Treasury Department said Monday that the … Read more

Finance Commission to meet its economic advisory panel on September 4

The topic of the meeting is ‘Final discussion on GDP growth, tax buoyancy of the Centre and the States, GST compensation, revenue deficit grant and fiscal consolidation’ The 15th Finance Commission will hold a meeting with its economic advisory panel on Friday to discuss issues of GDP growth, GST compensation and fiscal consolidation. Chairman N.K. … Read more

India set to cap stimulus package at $60 billion to protect credit rating: Report

NEW DELHI: The government is likely to cap its overall spending on coronavirus-related relief at around Rs 4.5 lakh crore ($60 billion), due to concerns that excess spending could trigger a sovereign rating downgrade, two senior government officials said. “We have to be cautious as downgrades have started happening for some countries and rating agencies … Read more

No plan to ease fiscal deficit targets

Despite the strain on government finances due to the COVID-19 pandemic, there is no credible proposal to amend the legislation meant to control the fiscal deficit, Chairman of the 15th Finance Commission N.K. Singh said. Speaking to presspersons after a two-day meeting of the Commission’s Economic Advisory Council, Mr. Singh said the government was currently … Read more